Comments on: Going Against Popular Opinion And Closing A Credit Card Account.

By: Kira

Kira — Thu, 08 Oct 2009 20:34:00 +0000

This one is actually relatively painless. Your Business Gold Amex does not show up on your credit report, thus canceling it is a no-brainer. Business cards, unless you get behind, rarely show up on your personal credit report. I have an Advanta Biz card that pulled my personal credit score when applying, but never published the card data to my personal credit report.

If you want to keep a Biz Amex, I would switch it to the Simply Cash Biz Card, which has zero annual fee, 5% cash back on wireless services, and pays your cash back monthly. Again, because it’s a biz card, does not show up on your personal credit score.

By: Credit Card Chaser

Credit Card Chaser — Thu, 08 Oct 2009 02:36:55 +0000

While I am sure you are already aware of the negative effects to your credit score in closing credit card accounts it does become somewhat tricky if the credit cards have annual fees. It then becomes a calculation of: is the benefit of maintaining a marginally higher credit score worth the cost of the annual fees every year? In your case, apparently it does not but in the case of someone that may be applying for a home loan or refinancing or getting some other type of loan or line of credit where they want their credit score to be as high as possible then the annual fees will most likely be an expense that is well worth it because of the lower interest rate that they might be able to get with their credit score at its highest.

By: Kyle

Kyle — Wed, 07 Oct 2009 11:27:37 +0000

I don’t think I have ever paid an annual fee for one of my credit cards, if they started charging me one I would be right behind you in the take this card and shove it line.

By: David

David — Tue, 06 Oct 2009 21:31:21 +0000

Um, discount on FedEx? If I had tons of business expenses, it would be worth it. But without them, the annual fee is just too much.

By: David/Your finances 101

David/Your finances 101 — Tue, 06 Oct 2009 21:12:42 +0000

I think that a credit card would have to provide advantages and benefits such as dishwashing, laundry and childcare before I would pay an annual fee.

I doubt there are any cards out there worth paying anannual fee for, because you can probably find whatever you need in a card that has no fee.

By: Craig

Craig — Tue, 06 Oct 2009 15:59:49 +0000

What are some advantages to the card that warrant the annual fees?